Global Market Insights, Inc. adds a new Thermoplastic Polyolefins Market research report for the period of 2018-2024 focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.The industry is segmented into various applications like automotive applications, industrial applications, packaging applications and medical applications.
Rising automotive segment produced revenue of more than $1.61 billion for 2015. Its growth in APAC and North America can propel industry expansion. Thermoplastic polyolefins are preferred more as compared to polymers & elastomers as they are light weighted and can be processed & designed with ease as well as easily recycled. Reduced mass helps in regulating carbon emissions and improves overall vehicle performance.
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Industrial application is predicted to register CAGR of about 6.8% in terms of revenue during forecast timeframe and is predicted make highest profit. It was an important revenue contributor of the industry in past few years. Thermoplastic polyolefins are utilised in making roof tops for commercial and residential uses due to its solar radiation obstructing feature. Industrialisation at rapid pace in BRICS(Brazil, Russia, India, China and South Africa)countries can fuel demand for the product.
Rising healthcare spending in APAC, U.S. and Europe is predicted to propel product demand. They are utilized in packaging materials which mainly adapt to wrap up moisture emitting & moisture containing items like poultry, meat and vegetables that are subjected to refrigeration.
Global Thermoplastic Polyolefins (TPO) Market size was evaluated at more than 970 kilo tons for 2015 and is predicted to register a CAGR of more than 5% during forecast timeframe. Rising automotive sales and construction expenditure in India, China and Brazil are projected to enhance the demand.With modern technology used in producing vehicle parts, polymers are finding novel applications in automobile sector. Polymers offer holistic approach to vehicle component production by all aspects that include static & mechanical strength and resistance to temperature & oxidation. This makes it desirable over other items and can drive the industry growth.
Commercial & personal vehicle production was evaluated at 222.41 billion and 685.31 billion units respectively for 2015. Increasing automotive sector is projected to remain a driving force for increase in global demand for the product. Further, strict rules favouring rising vehicle fuel efficacy has encouraged industry players to minimize vehicle mass. Growing expenditure on construction in countries like Brazil, China and India may fuel product demand. India & China construction expenditure was more than $422 billion and $1.71 trillion respectively for 2015 which is predicted to contribute to enhanced demand of the product.
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Rising trend towards substituting polyvinyl chloride(PVC) due to risks related to its application can promote thermoplastic polyolefins(TPO) demand. The growth of industry can be credited to exceptional properties of thermoplastic polyolefins like crystal clarity, design versatility, thermal stability, irritant potential, high resistance and no cytotoxicity. Further, polyolefins can be sterilised by ethylene oxide gas & gamma irradiation which makes them acceptable across medical applications.
Thermoplastic polyolefins provide good performance & light mass that makes them desirable over other substances. Current changes in CAFÉ(Corporate Average Fuel Economy)have forced producers to discover & innovate new techniques for enhancing fuel efficacy that can favour global thermoplastic polyolefins (TPO)market growth.
Global Industry is segmented into key geographical regions like Latin America, North America, APAC, Europe and MEA. North America dominated the industry and was evaluated above $861 million for 2015. U.S. led the global thermoplastic polyolefins (TPO) market share during that year. Growing durable applications like automotive application, construction application, packaging application and industrial application is predicted to promote industry growth in the region.
Europe is predicted to register CAGR of more than 5% in terms of revenue. It is led by countries like UK, Germany, Italy and France. Growing use of these items over traditional polymers and elastomers in medical & packaging applications are predicted to produce favorable effect in the region.
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APAC thermoplastic polyolefins (TPO) market is predicted to cross $1.31 billion mark by end of 2023 and register a CAGR of 6.71% during forecast timeframe. Growing construction expenditure in countries like Japan, China and India is predicted to fuel product demand in the region during forecast timeline. Also the increasing demand for these products can be attributed to the fact that they are widely utilized in roofing both commercial as well as residential infrastructures.
Key industry participants profiled in the report include ExxonMobil, Sumitomo Chemical Company Limited, Arkema S.A, Dow Chemical Company, A. Schulman Incorporation, SABIC, GAF, DuPont, INOES, Mitsui Chemicals, Specialty polymers, Saudi Aramco, Spartech Corporation, Lyondell Basell, Noble Polymers, Polisystem UK Limited, RTP Company and S & E Specialty polymers.